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Samudera Shipping Confirms Sinking of Chartered Vessel; No Casualties Reported

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A container vessel chartered by Samudera Shipping Line Ltd (SGX:S56) deployed on its Singapore-Pasir Gudang service route has sunk while en route, the company said in a filing to the Singapore bourse on Sunday.

The vessel, Golden Star 1, sank on June 5. However, all crew members were safely evacuated, with no casualties, the company said, adding that a replacement vessel is being arranged to maintain service continuity.

The company said it does not foresee any significant impact on the business and financials of the group, as the vessel is owned and managed by a third-party shipowner.

Samudera's liabilities in relation to the incident is expected to be substantially covered by the charterers' liability insurance and owners' protection and indemnity insurance.

The company's shares were down nearly 1% in recent trade.

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